TIF, EDIT, AND A $12 MILLION PARKING GARAGE...

Recently, there was an article in the paper with the suggestion of building a new Parking Garage near Scribner Place with an estimated cost of $12 million dollars. A statement was made that a new parking garage could be paid for with the PROFITS from the State Street Parking Garage. We think it is necessary that the council be informed about the financing and bonds for the State Street Parking Garage. The Garage Bonds were to be paid off with TIF Collections from the downtown area. If Downtown TIF Collections were not sufficient for those Bond payments. Then, bond payments were to be paid from EDIT Funds. In the agreement, the EDIT Funds used were to be paid back to EDIT Fund by downtown TIF money. At this time, the State Street Parking Garage owes the EDIT Fund $3,613,698.46 for Bond Payments made out of EDIT because downtown TIF did not produce sufficient money to make the Garage Bond payments. So why does Mr.Bobo think the citizens of New Albany will want to pay for a $12 million dollar Parking Garage when we couldn't afford the last Parking Garage. Why does he think we should do the bond, make the payments, and then hand this new parking garage over to him to make a profit. Something smells about this whole deal!